Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows

v3.25.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
 [1]
Cash flows from operating activities:    
Net income $ 13,908 $ 16,843
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 42,763 42,683
Impairment charge 9 5,043
Gain on debt extinguishment, net 0 (300)
Gain on sale of real estate, net (367) (10,554)
Amortization of deferred financing costs 1,429 1,235
Amortization of deferred rent asset and liability, net (4,611) (5,164)
Receipt of sales-type lease receivable 18,618 0
Amortization of discount and premium on assumed debt, net 21 26
Asset retirement obligation expense 103 99
Amortization of right-of-use asset from operating leases and operating lease liabilities, net 5 5
Amortization of right-of-use asset finance lease liabilities, net 17 0
Bad debt expense 0 64
Operating changes in assets and liabilities    
Increase in other assets (530) (5,641)
Increase in deferred rent receivable (1,960) (4,612)
Increase in accounts payable and accrued expenses 2,534 1,372
(Decrease) increase in amount due to Adviser and Administrator (72) 507
Increase (decrease) in other liabilities 1,758 (2,873)
Leasing commissions paid (1,195) (4,567)
Net cash provided by operating activities 72,430 34,166
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets (207,905) (22,122)
Improvements of existing real estate (17,406) (9,200)
Proceeds from sale of real estate 7,644 35,132
Receipts from lenders for funds held in escrow 0 2,513
Payments to lenders for funds held in escrow (542) (671)
Receipts from tenants for reserves 2,545 793
Payments to tenants from reserves (2,651) 2,193
Deposits on future acquisitions (1,450) 0
Deposits applied against acquisition of real estate investments 1,450 0
Net cash (used in) provided by investing activities (218,315) 8,638
Cash flows from financing activities:    
Proceeds from issuance of equity 62,183 50,902
Offering costs paid (870) (737)
Redemption of Series F preferred stock (4,040) (1,322)
Payments for deferred financing costs (818) (43)
Principal repayments on mortgage notes payable (14,397) (24,394)
Borrowings from revolving credit facility 243,800 68,100
Repayments on revolving credit facility (100,330) (90,600)
Borrowings on unsecured term loan 20,000 0
Increase in security deposits 490 198
Distributions paid to common, senior common, preferred stock and Non-controlling OP Unitholders (50,575) (46,513)
Net cash provided by (used in) financing activities 155,443 (44,409)
Net increase (decrease) in cash, cash equivalents, and restricted cash 9,558 (1,605)
Cash, cash equivalents, and restricted cash at beginning of period 15,074 16,135
Cash, cash equivalents, and restricted cash at end of period 24,632 14,530
SUPPLEMENTAL AND NON-CASH INFORMATION    
Unrealized loss related to interest rate hedging instruments, net (6,964) (4,568)
Right-of-use asset from finance leases 2,938 0
Finance lease liabilities (2,938) 0
Capital improvements and leasing commissions included in accounts payable and accrued expenses 4,551 6,330
Increase in asset retirement obligation in connection with acquisition 164 0
Dividends paid on Series F preferred stock via additional share issuances $ 343 $ 385
[1] Prior period conformed to current presentation.